Swiss National Bank Relieved At Falling Franc
The Swiss National Bank (SNB) has welcomed falls in the value of the Swiss
franc which have resulted from the swift resolution of the US-led war with Iraq,
according to reports. However, speaking to the national media earlier this week, vice chairman of
the central bank's board, Niklaus Blattner revealed that the SNB is still prepared
to act should the Swiss currency - viewed as a safe haven by many international
investors during the Iraq war - suddenly rise against the euro. The increases in the value of the Swiss franc were viewed by exporters and
international firms which reported in the currency as very damaging. Mr Blattner was pessimistic with regard to the short-term future for the Swiss
economy, admitting on Monday that: 'We cannot rule out that our expectations for this year - of just less than
one percent growth - could be disappointed and that the recovery process could
slow.'
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